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Is zero balance good for score

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Anonymous
Not applicable

Is zero balance good for score

My first question is this. In the past week I have paid off two credit cards to a balance of zero. I have two other accounts that have balances. Will having two accounts at zero be a negative on my score. I'm trying to raise my score as high as possible.?

second question is this site offers credit score for $59 a month . Is this the best option for monitoring and checking my score?

thanks

Message 1 of 20
19 REPLIES 19
Anonymous
Not applicable

Re: Is zero balance good for score

It's best to pay all cards down to zero dollars and let one report a balance of 9% or less in order to achieve maximum scoring potential.
Message 2 of 20
Anonymous
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Re: Is zero balance good for score


@Anonymous wrote:
It's best to pay all cards down to zero dollars and let one report a balance of 9% or less in order to achieve maximum scoring potential.

+1

Message 3 of 20
xenon3030
Valued Contributor

Re: Is zero balance good for score

If all the CC cards report 0, there would be ~20 or more Fico8 score drop.

 

Note: Do not put balance only on the rewards cards. It must be on CC. The balance on rewards card seems to have only impact on the total debt calculation.


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 4 of 20
HeavenOhio
Senior Contributor

Re: Is zero balance good for score


@xenon3030 wrote:

Note: Do not put balance only on the rewards cards. It must be on CC. The balance on rewards card seems to have only impact on the total debt calculation.


I'm lost here. What do you mean by "rewards cards"? Are you referring to no preset limit charge cards?

Message 5 of 20
xenon3030
Valued Contributor

Re: Is zero balance good for score

Yep. For example AMEX Gold card.


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 6 of 20
Anonymous
Not applicable

Re: Is zero balance good for score

I just signed up for the three report on myfico. My 8 is 693 eq, 683 exp, 660 tu

ill pay down my other 2 cards.

Message 7 of 20
Anonymous
Not applicable

Re: Is zero balance good for score

There are far cheaper ways to monitor your reports and scores than the $30/month myFICO Ultimate product.  It all depends on what your plans are (short, medium, and long term).  And whether you plan to buy a house and if so when.

Message 8 of 20
xenon3030
Valued Contributor

Re: Is zero balance good for score

Fico8 monthly monitoring is free e.g. AMEX provides EX Fico8 and Discover provides TU. You don't need to pay for a service unless you want to montior daily or weekly credit scores, credit reports to prevent fraud or want to check auto-loan score.

 

Anyway, to do all, you can find much cheaper products than 30$/month.


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 9 of 20
Anonymous
Not applicable

Re: Is zero balance good for score

My immediate goal is to just increase my score. Increase a few credit limits. Then just maintain high score

Message 10 of 20
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